§ 1040.16  TRANSFERS OF INTEREST IN FRANCHISE OR FACILITIES.
   The Ohio Water Service Company shall not assign, lease, sublet or transfer the franchise granted to it under this chapter, whether in whole or in part, in any manner, nor shall any title thereto, either legal or equitable, or any right or interest in the mains, appurtenances and waterworks facilities located within the city pass to or vest in any other person, company or entity, either by act of the company or by operation of law, without the consent of the city. However, nothing in this section shall be deemed to prohibit the company from using the franchise agreement, water mains, appurtenances and waterworks facilities as collateral or a pledge, and nothing shall prohibit the company from placing a mortgage or security agreement on such mains, appurtenances and waterworks facilities located within the city, for financing purposes or otherwise.
(Ord. 83-O-71, passed 12-5-1983)